New and existing operating company creditors are being provided additional protections in the form a covenant package that includes limitations on additional indebtedness, a negative pledge on assets and a six-month debt service reserve account.

The ratings reflect the continuing improvement of the credit-protection measures of the underlying operating company (Tiete, a publicly traded, Brazilian, hydroelectric generation company) and the upgrade in December 2005 of Eletropaulo Metropolitana Eletricidade de Sao Paulo S.

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